The crypto market bounced back strongly after the Federal Reserve's change of direction last week and more liquidity to be injected.
The overall crypto market cap returned to pre-decline levels, closing at around $2.5 trillion over the weekend. This week's economic calendar is seen not to be as exciting as last week. "
"There was some news involving macro data this week, but it appears to have limited impact." said crypto derivatives provider Greeks Live. Changes in Consumer Credit for March will be reported on Tuesday, calculating changes in the amount of credit extended to individuals for personal expenses.
Investors and analysts monitor this data because changes in consumer credit have a strong correlation with consumer confidence and spending. Initial Job Claims data will be released on Thursday and this is expected to be slightly up from the previous month.
On Friday, markets will be presented with preliminary readings of the Michigan Consumer Sentiment Index for May, a report that provides results from a monthly survey of consumer confidence levels.
The May Consumer Inflation Expectations report will also be released on Friday. This University of Michigan survey analyzes consumer views on long-term inflation and is used as a component in the Fed's inflation expectations calculation.
In addition to the economic report, there are eight Federal Reserve speeches this week, and the latest inflation and employment data do not show positive signs, these speeches may cause some instability.
There were several major earnings reports released this week, but none related to the crypto asset market. The crypto market rose by 1.7% today to reach $2.49 trillion during the Monday morning trading session in Asia.
Weekend volume was seen as relatively low, but gains were still managed to hold, and bitcoin recovered to important price levels. The asset is currently trading at around $64,000, after touching an intraday high of $64,500 in Sunday's trade.
Ethereum price rose 1.6% to reach $3,170 at the time of writing. Altcoins also showed slight gains today. Toncoin (TON), Near Protocol (NEAR), and artificial intelligence tokens Fetch.ai (FET) and Render (RNDR) grew particularly well.
